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Caden earned some money doing odd jobs last summer and put it in a savings account that earns 1% interest compounded monthly. After 6 years, there is 1,000.00 in the account. How much did Caden earn doing odd jobs?

Solution

Caden earned some money doing odd jobs last summer and put it in a savings account that earns 1% interest compounded monthly. After 6 years, there is 1, 000.00 in the account. How much did Caden earn doing odd jobs?

Solution

Principal : 941.79

Solution steps

Translate the problem into an equation:

1000 = P (1 + \frac{0.01}{12})^{12 \cdot 6}

Solve for

P, 1000 = P (1 + \frac{0.01}{12})^{12 \cdot 6} : P = 941.79

Principal : 941.79

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